EUROPE's RECOVERY: LEARN FROM THE MARSHALL PLAN
JUNE 26: There is for the moment a lot of talk about how we in Europe should ensure a recovery after the present corona crisis. Everybody seems to agree that special and huge initiatives are needed. Some have said that we need a new Marshall Plan for Europe – esp. to help those countries which are hardest hit. What was the Marshall Plan? It was a huge assistance programme, which the US initiated in 1948 to help Europe getting back on its feet again after the World War II. The programme lasted for four years – from 1948-52. Its size was more than 12 billion dollars. In today’s money ( 2020 ) it would be 129 billion dollars. Most of the assistance was gifts, which should not be paid back. Altogether 16 European countries accepted the offer. The money was given with a number of important conditions: The European countries had to abolish trade barriers between them, so trade could prosper again. And they had to work closely to...